Europe Market Update

Consumer prices across the 16 countries that use the euro
rose at the fastest pace in 20 months in July, bringing inflation back in line
with the European Central Bank's definition of price stability.
Analysts said inflation should be relatively steady in the months ahead,
given the large amount of spare capacity in the economy, and contained public
expectations of price growth. That makes it most likely that the ECB will keep
policy unchanged at its meeting Aug. 5.

The European Union's official statistics agency Eurostat said Friday that the
flash estimate of the annual consumer price index in the euro zone rose 1.7% on
the year in July, matching economists' forecasts. In June, the consumer price
index gained 1.4%.

Live Share Market Update

RESULT: HCL Technologies ONGC SAIL: Aban Offshore Ltd,
Alok Industries Ltd, Amara Raja Batteries Ltd, Apollo Tyres Ltd, Arvind Ltd,
Balmer Lawrie & Co Ltd., Bank of Maharashtra, Bata India Ltd, Berger Paints
Ltd, Bank of Baroda, Central Bank of India, Fame India Ltd, Federal Bank
Ltd, GHCL Ltd, Golden Tobacco Ltd, Graphite India Ltd, Grindwell Norton Ltd,
Great Eastern Shipping Co Ltd, Gujarat Sidhee Cements Ltd, Gujarat State
Petronet Ltd, Hero Honda Motors Ltd, Hexaware Technologies Ltd, Housing
Development and Infrastructure Ltd, Infomedia 18 Ltd, Kalpataru Power
Transmission Ltd, Nagarjuna Fertilizer & Chemicals Ltd, NHPC Ltd, Oil &
Natural Gas Corp Ltd, Omaxe Ltd, Oriental Bank of Commerce Ltd, Petronet LNG
Ltd, Provogue (India) Ltd, Puravankara Projects Ltd, Rajshree Sugars &
Chemicals Ltd, RPG Life Sciences Ltd, Sakthi Sugars Ltd, Siemens Ltd.
Shopper's Stop Ltd, Sical Logistics Ltd, , Subex Ltd, Tamil Nadu Newsprint &
Papers Ltd, Tata Investment Corp Ltd, Tata Tea Ltd, Tata Teleservices
(Maharashtra) Ltd, Titagarh Wagons Ltd, Transwarranty Finance Ltd, TVS
Electronics Ltd, UltraTech Cement Ltd, Venky's (India) Ltd, Zuari Industries
Ltd.


Will Hero Honda - reward investors with bonus?
The investor community is expecting a bonus of 1:1 when the company declares its June quarter earnings today.12-year gap since Hero Honda announced it's last bonus. RESULT estimates, the company’s Q1 revenues are seen up 12% at Rs 4291 crore Its PAT is seen up 12. % at Rs 563 crore versus Rs 500 crore

The NSE Nifty is expected to open in the red, and may try to get support around 5374 level. If it looses this support and trade continuously below this, the major support for the day comes at 5348.The overall weak sentiment may continue until Nifty trades above the Critical level of 5408.Above this level, the first Resistance comes at 5421 followed by the major Resistance at 5436
BUY NIFTY 5300 PUT AT cmp 68.50-69 Target 78 Stoploss at 58.50

RESULT:
+ ABB. + Bharat Petroleum Corp. + Reliance Power. + Reliance Infrastructure.
Aditya Birla Nuvo,Alembic, Austral Coke, BGR Energy, Bharat Electronics, Blue Star, Carborundum
Universal, Century Extrusions, DB Corp, eClerx Services, Edelweiss Capital,
EIH Associated Hotels, Elecon Engineering, Emami, Gujarat Alkalies,
Himatsingka Seide, Hindustan Construction, Hinduja Global Solutions, Hinduja
Ventures, ibn18 Broadcast, India Infoline, Indian Hotels, Jubilant Foodworks,
Kalindee Rail Nirman, Kansai Nerolac, Karnataka Bank, KEC International, MIRC
Electronics, Network 18 Media & Investments, NEPC India, Pratibha Industries,
PVR, Raj Oil Mills, Raymond, Reliance Natural Resources, Religare
Enterprises, REI Agro, Shasun Chemicals, Shipping Corp, Shree Precoated
Steels, Shyam Telecom, Siyaram Silk Mills, SJVN, Take Solutions, Tantia
Constructions, Tata Chemicals, Tata Metaliks, Television Eighteen, Torrent
Pharmaceuticals, Viceroy Hotels, Visa Steel, UB Engineering, Uniply
Industries, Voltamp Transformers, and WS Industries.

NIFTY Spot hit an Intraday high of 5409 at 12:45 today and came down to 5380 now…Our Critical level for the day is at 5308 !!!{ 8:50 AM) jrgnews: The NSE Nifty is expected to open in the red, and may try to get support around 5374 level. If it looses this support and trade continuously below this, the major support for the day comes at 5348.The overall weak sentiment may continue until Nifty trades above the Critical level of 5408}}}

Live Share Market Update

US and European stocks were ended with smart gain overnight as investors interest heightened on unexpected positive reading in the Eurostat Index and less than expected decline in existing home sales in US. Asian stocks too trading firm in the morning as mirroring the positive global cues.
NSE Nifty is expected to a positive opening around the critical level of 5476 and may move towards the first resistance level of 5504. Major support for the Nifty is at 5438. However, upperside resistance comes at 5530.

Currency market update

The USDINR pair is expected to open lower tracking advances in global shares on Thursday overnight. Local shares are expected to stay higher with the SGX NIFTY is currently up by 30 points. Asian shares were firm with the NIKKEI and Hang Seng is up by 1.75% and 1.15% respectively. The DJIA future is currently up by 9 points. The US dollar index is down by 0.02% at 82.58, posted a low of 82.46 yesterday overnight.Outlook: The USDINR pair is expected to open lower tracking advances in global shares on Thursday overnight. Local shares are expected to stay higher with the SGX NIFTY is currently up by 30 points. Asian shares were firm with the NIKKEI and Hang Seng is up by 1.75% and 1.15% respectively. The DJIA future is currently up by 9 points. The US dollar index is down by 0.02% at 82.58, posted a low of 82.46 yesterday overnight.

Live Share Market Update

European stocks were sharply higher Wednesday, helped by

continuing positive sentiment regarding U.S. earnings and more evidence of

merger & acquisition activity. However, a degree of nervousness remains ahead

of comments from Federal Reserve chairman Ben Bernanke.

By 0800 GMT, Stoxx Europe 600 index was up 1.4% to 249.74. London's FTSE 100

index was up 1.4% at 5210, Frankfurt's DAX index rose 1.3% to 6042.12, and

Paris's CAC-40 index was lifted 1.5% to 3520.47.

Forex, Currency update

The USDINR pair is expected to open higher tracking decline in global shares on Friday. Local shares are expected to stay weak. The NIKKEI is currently down 2.75% and the Hang Seng is down 0.75%. The EURINR is expected to stay sideways to lower and decline is expected to be limited on firm moves in the USDINR.

USDINR July: Support 47.00, 46.92 Res 47.16, 47.31

Stock indices Global

Index Last Change % High Low

STI 2955.71 -2.01 -0.07% 2956.69 2932.12

Hangseng 20061.96 -188.2 -0.93% 20127.56 20007.88

Nikkei225 9408.36 -277.17 -2.86% 9636.84 9392.21

SSE 2445.36 21.09 0.87% 2446.39 2392.27

Dow_Futures* 10067 8 0.08% 10079 10028

Live Share Market Update

NSE Nifty is expected to open with a downside movement.The positive momentum can happen only if trades and sustains above the Critical level of 5392.The first support for the day will be at 5348.If Nifty breaks this level,there can be more weakness wherein the market can drift towards the major support at 5320.Above the Critical level,there will be a resistance at 5418.On top of this,the index can move towards 5436

Major stock markets in the US tumbled down in Friday's trade as disappointing data on Consumer Sentiment was coupled with anemic Revenues from GE, Bank of America Corp and Citigroup Inc; raising concerns over double dip in the world's largest economy.

RESULT: HDFC Bank Atul, Aventis Pharma, Container

Corp of India, Crompton Greaves, Escorts, ETC Networks, Excel Industries,

Mid-Day Multimedia, MindTree, Indowind Energy, Jindal Saw, PTC India, Sesa

Goa, State Bank of Mysore, Sunflag Iron And Steel Co, Triveni Engineering &

Industries, Whirlpool of India, Zylog Systems.

HDFC Bank earning estimates: The company's net interest income is seen going up 26.8% from Rs 1855 crore to Rs 2352 crore.Its net profit is expected to go up 33% to Rs 807 crore from Rs 606 crore.

Rupee Rates

Rupee fell against the dollar, despite euro's rise above the $1.2900 mark, due to slight weakness in local shares and higher rates in the dollar/rupee non-deliverable forwards market, Dollar demand from some importers also dragged rupee down. There was no impact of the rise in euro. Most foreign banks are on the bid side. The Chinese market is down looking at which there has been dollar demand here. Euro's rise did not have a significant impact on most Asian currencies, and so failed to aid rupee as well," said a dealer with a UK bank. Share indices in China were down over 1% today. The one-month dollar/rupee NDF rate was at 46.9000 against 46.8500 Thursday.

EUR/USD the pair just gave up 1.2900 level towards 1.2895 and is currently just above 1.2900. The pair trades 0.43% lower than yesterday's close. USD/JPY fell below 87.00 overnight to hit a fresh 2-week low at 86.94 area. Current price bounced off to 87.15, a 0.34% fall from previous close. GBP/USD retreated from a 10-week high at 1.5460 as it goes below 1.5400 level (cmp:1.5393) 0.38% lower than previous close.

View on MID DAY REVIEW

EURUSD Spot: 1.2955 is the resistance for the pair the break of which may push it to 1.30 levels which is a crucial psychological resistance level. On the hind side 1.2880 is the support for the pair.

EURINR July Futures: The cross pair can go up to 60.70-75 levels if it breaks the immediate resistance at 60.55. 60.35 is immediate support for the pair. Bias is positive for the cross pair.

Live Share Market Update

Wall Street finished Wednesday’s mercurial trading session on a mixed note as Investors and Traders examined upbeat corporate results amidst weak economic reading on Retail Sales & Mortgage applications and negative comments from the Fed on the US economy. Asian stock markets are trading mixed in the morning.

Back home, The NSE Nifty is expected to open in a constricted range. Today the trading range is seen between the Critical Support level at 5389 and the first Resistance at 5436. We may look for some positive global triggers to move out of this range. A break above may lead towards the higher Resistance at 5463. However if Nifty looses the Critical Support ,we may see some position unwinding which may push the index towards the Major Support at 5352. Below this level the Support comes at 5332.

* ABG SHIPYARD: Egyptian firm Maridive and Oil Services cancels orders for

two offshore supply vessels, worth over $46 mln, placed with the company.

.

* AMRUTANJAN HEALTH CARE: Has withdrawn share buyback plan.

* BAJAJ AUTO: To mull bonus share plan Jul 22.

.

* BHARTI AIRTEL: Expects 3G services to be priced high in wake of the high

spectrum acquisition costs for companies.

.

* NAGARJUNA CONSTRUCTION CO: Four people were killed in police firing during

local protest against company's planned 1,320 MW power plant in Srikakulam

district

Result:

TCS AXIS BANK. (Net seen 708 CRO, up 26% on year)

.

Andhra Pradesh Paper Mills, Castrol India, Colgate Palmolive, Gruh Finance,

IL&FS Investment Managers, ISF, LIC Housing Finance, Magma Fincorp, Polaris

Software, Sanguine Media, Thangamayil Jewellery, UTV Software Communications,

and Zensar Technologies.

Reliance Comm open weak 1 % on reports that the deal

value of arm Reliance Infratel's deal with GTL Infrastructure could fall if

Etisalat picks a 26% stake in the mobile services provider.

Etisalat has emerged as a frontrunner

to pick a 26% stake in Reliance Communications,

Oil price update

Govt, oil cos meet on petrol pricing today; minor cut likely soon

Minor reduction in petrol prices likely by weekend The petroleum ministry wants the oil marketing companies to reduce petrol prices by 10-15 paise per ltr as these companies will start making over-recoveries on sale of petrol for the fortnight beginning Friday

Live Share Market Update

Wall Street rallied on Tuesday led by better than expected earnings from Alcoa and CSX Corp meanwhile strong demand for the Greek debt auction, strengthened the Euro and lifted Investor sentiment. Asian stock markets are rising higher in the morning trade.

Actuated by the positive cues from the global equity markets, key stock indices in India are expected to open positively on Wednesday. The NSE Nifty is expected to show a gap up opening around 5433. If it can stabilize above this level for some time, the index can slowly move towards the Major Resistance for the day at 5462. The overall mood will favour bulls as long as Nifty stays above the Critical Support level at 5389. Lower to this, Strong Support is seen at 5352.

* Navabharat Ventures- NBVenture: Essar Power has entered into a binding agreement to buy 100% stake in Navabharat Power

* ADANI ENTERPRISES: Is close to buying a coalmine in Australia for $1 bln.

.

* EXIDE INDUSTRIES: Will acquire 100% stake in Leadage Alloys India for an

undisclosed amount.

.

.

.

* NITESH ESTATES: Has won bid to develop a 150,000 sq ft residential project

in Bangalore.

.

* PIRAMAL HEALTHCARE: To sell diagnostic services to Super Religare for 600 CRO.

.

* SATYAM COMPUTER SERVICES: Corporate Affairs Ministers Khurshid expects US market regulator Securities Exchange Commission may not impose penalty on the

company for fraud committed by founder.

.

.

* SPICEJET: Allots 57.18 mln shares to WL Ross entities upon conversion of

FCCBs.

.

* SAIL: Its follow on issue for sale of 20% stake likely

by December.

.

* TATA STEEL:

The consortium the company was in talks with for sale of Corus' Teeside

Cast Products plant in UK has pulled out of deal.

.

* VIDEOCON INDUSTRIES: Its proposed special economic zone at Navi Mumbai gets

government's nod.

Moody's Downgrade Portugal : latest share market news

Moody's Investors Service has today downgraded Portugal's government bond

ratings to A1 from Aa2. The rating outlook is now stable, with the upside and downside risks

evenly balanced.

Currency trading Market updates

Breaking lower from an early intraday high around 1.2615, the EUR/USD has once again returned below the critical level of 1.2600 as the market begins to contemplate Alcoa’s positive start to the second quarter earnings season which is helping USD.
The recovery of the Greenback against the Japanese Yen was capped by the 88.85 zone. After setting an intra session high at that level, the pair turned to the downside following the Nikkei trading 0.45% down surrendering early gains.

USD/JPY has given away around 35 pips from session's high and is currently trading at 88.50, 0.12% below its opening price.

Chinese yuan renminbi updates

China's yuan was higher against the U.S. dollar late Friday afternoon because the People's Bank of China set the dollar-yuan central parity lower following the dollar's weakness against the euro overnight. On the over-the-counter market, the dollar was at CNY6.7735 around 0930 GMT,down from Thursday's close of CNY6.7761. It traded between CNY6.7700 and CNY6.7751.
The central bank set the central parity at 6.7753, down slightly from 6.7768 Thursday after the euro rose to $1.2703 in New York trading from $1.2648 late Wednesday. The euro was at $1.2667 around 0930 GMT. Traders said the central bank is unlikely to react to the U.S. Treasury Department's delayed semi-annual currency report, which said the Chinese currency is undervalued. While the department didn't name China as a currency manipulator, Treasury Secretary Timothy Geithner said "What matters is how far and how fast the renminbi appreciates."

Live Share Market Update

Key gauges in the US extended their winning streak led by a late session buying as Traders and Investors were encouraged by a bigger than expected drop in Jobless and Continuing claims despite some weaker reading on Consumer credit. Stock averages in Asia are trading with moderate gains on the last trading day of the week.

The Indian stock markets are expected to open with a positive bias on Friday. The NSE Nifty is expected to start above its Critical Support level at 5305 while the trend in expected to be bullish as long as it holds this mark. The first Resistance for the day is seen at 5333. If it crosses this level, it may further rally towards the higher Target 5354. During any downside movement, below the Critical level, Nifty will get Support at 5276. However if it falls below this level, Major Support exists at 5248.

STOCKS
.
* BAJAJ AUTO: Renault SA-Nissan Motor Co alliance has signed a pact with the
company to develop a new four-wheeler product for India and emerging
markets..
* BHARTI AIRTEL: Will expand its submarine cable offerings globally to target
business opportunities in over 100 countries by 2013
.
* BIOCON: Plans to launch drugs in the eye care segment
.
* FUTURE CAPITAL HOLDINGS: Approves raising up to 3 bln rupees via NCDs.
.
* HCL INFOSYSTEMS: Has acquired 60% stake in Dubai-based NTS Group for $6.5
mln.
.
.
* JUBILANT ORGANOSYS: Has approved hiving off its agricultural and
performance polymer business into a new entity, Jubilant Industries.
.
* KINGFISHER AIRLINES: Aviation ministry has approved a domestic code sharing
agreement between the company and British Airways.
.
* KPIT CUMMINS INFOSYSTEMS: To consider acquisition of a Germany-based
automotive product company, with revenue below $5 mln, on Tuesday.
.
* M&M: To decide by Jul 20 whether to bid for troubled South
Korean automobile maker Ssangyong Motor Co.. M&M, Renault-Nissan, Daewoo Bus left in race for Ssangyong. Ssangyong acquisition will help M&M to get SSangyong's hybrid & electric technology; will help to enter the US

* RELIANCE INDUSTRIES: US-based Atlas Energy Inc expects its joint venture
with the company to boost Marcellus shale gas output to 500 mln cu ft
per day by the end of 2014.

* SHIV-VANI OIL & GAS EXPLORATION SERVICES: To raise $75 mln via FCCB issue.

Pipavav Shipyard settles arbitration with Golden Ocean-
Golden Ocean Group Ltd. had referred the shipbuilding
contracts to arbitration, and that both parties were exploring the option, of
resolving the issues bilaterally.